Market Synopsis
As per the research by Market Research Future Reports (MRFR), the global high brightness LED market is estimated to value USD 23.32 billion by 2023, with a CAGR of 9.73% during the forecast period. The global high brightness LED market 2020 is majorly driven by the increasing need for energy-efficient lighting solutions. LED bulbs are more efficient and more robust than ordinary bulbs. LED bulbs are likely to increase in the buildings. In addition, the increasing proliferation in the usage of LED in illumination, backlighting, mobiles, automotive, and signs & signals has resulted in the increasing adoption of high brightness LEDs.
Moreover, the advantages such as dim ability, life span, and efficient large screen backlight increase the demand for high brightness LED. With the increasing demand for long-lasting bulbs, the market is likely to expand considerably. LEDs offer a better life span than traditional bulbs. The HB LED market is displaying high demand from energy conservation projects being deployed. Besides, the increasing preference for green construction has further propelled the market. The market players are adopting several strategies that allow them to retain their position in the market. Some of the most prevalent strategies are agreements, partnerships, and product launch.
Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics. Several regions have been affected due to the pandemic. We will provide COVID-19 impact analysis with the report.
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Market Segmentation
The global high brightness LED market can be segregated on the basis of application and region.
On the basis of application, the global high brightness LED market can be segregated into general lighting, automotive lighting, LCD backlighting, signals & signage, mobile, and others. Among all, the application vertical is led by the general lighting segment as there is a change in the end-user preferences. However, signals & signage application segment is estimated to display the fastest expansion during the review period due to its capability to produce several colors and low power requirements.
On the basis of region, the global high brightness LED market can be segregated into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Regional Analysis
The geographical analysis of North America, Europe, Asia-Pacific, and Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the global market is dominated by the APAC region. With the expanding market for tablets, televisions, P.C.s, and mobile devices that use the HB LED, the market in the region is likely to expand. Moreover, there is ample of technical expertise in the region which propels the market. Moreover, there are established key players in the region. Also, the outdoor lighting installations and the government policies associated with the installations are receiving support from emerging economies like India, Russia, Malaysia, Vietnam, and Thailand. Moreover, the increasing expenditure of the governments in LED orders has increased the HB-LED expansion in Asian countries, especially in India. The region is estimated to expand at the highest CAGR during the forecast period.
However, due to the outbreak of pandemic coronavirus, several regions have been adversely affected. The dynamics of the market are changed significantly due to the observation of worldwide lockdown.
Key Players
The forefront players of the global high brightness LED market are Toyoda Gosei (Japan), Cree, Inc. (U.S.), Epistar Corporation (Taiwan), Lumileds Holding B.V. (Netherland), Samsung Electronics Co Ltd (South Korea), Moritex Corporation (Japan), Seoul semiconductor (South Korea), American Bright Optoelectronics Corps (U.S.), Osram Opto Semiconductors GmbH (Germany), Nichia Corporation (Japan).
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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